Which part of the brain consists of two large hemispheres, which are divided into smaller areas known as lobes?

The answer is the cerebrum.

Explanation:

The brain consists of the following parts; the cerebrum, cerebellum and the brainstem.

The cerebrum is the largest part of the brain located in front. It has two large hemispheres joined by the corpus callosum. The cerebrum has four lobes including frontal, parietal, temporal, and occipital lobes. Functions include: initiation and coordination of movement, memory, touch, hearing etc

The brainstem is composed of the midbrain, the pons, and the medulla. Controls involuntary muscle movements, cardiac function, sneezing etc.

The cerebellum located at the back of the head has two hemispheres. It is controls voluntary muscle movement, posture, balance and equilibrium.